IThe following information applies to the questions displayed below] The Invento

Question

IThe following information applies to the questions displayed below] The Inventory records for Radford Co. reflected the following Beginning Inventory May 1 Flrst Purchase May 7 Second Purchase May 17 Third Purchase May 23 Sales@ May 31 2,000 units $5.60 2,100 unlts $5.80 2,300 units $5.90 1,900 unlts@ $6.00 6,300 units $7.50 Determine the welghted average cost per unlt (rounded) for May. O $750 O $5.90 O $5.77 O $5.83 Determine the amount of cost of goods sold assuming the LIFO cost flow method. O $37.800 O $36,540 O $35,280 O $37150

Explanation / Answer

a) Weighted Average cost per unit = $            5.83 b) Cost of Goods Sold (LIFO) = { (1900 x 6) + (2300 x 5.90) + (2100 x 5.80)} = [11,400 + 13,570 + 12180] = $        37,150 c) Ending Inventory from (FIFO) = { (100 x 5.90)+ (1900 x 6.00)} = [590 + 11,400] = $        11,990 d) Gross Margin from Average Cost = Sales - COGS = [(6300units x $7.50) - (6300units x $5.83)] = ($47,250 - $36,729) = $        10,521

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.